Jericho School District Homes ~ Market Trends Report ~ February 2008

The following is the February 2008 Home Trends Market Report for the Jericho School District.  For the first time ever, this report will show month-by-month comparisons, in addition to year-over-year market trends.  This report provides statistical information about homes sold in the Jericho School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Jericho School District. 

This report is designed to give factual information about sales in the Jericho School District.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done.

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Jericho School District.

FEBRUARY 2008 HOME SALES

FEBRUARY 2007 HOME SALES

MONTH-BY-MONTH / YEAR-OVER-YEAR COMPARISON 

MONTH-BY-MONTH MARKET TREND ANALYSIS: 

The inventory trend deteriorated slightly.  The sample size is so small that every home sale can cause drastic fluctuations and cloud the true market trend.  This contributed to the lower list price and sold price, and the deterioration of the ratio between list price and sold price.  The days on market improved slightly.

YEAR-OVER-YEAR MARKET TREND ANALYSIS: 

There is more inventory in 2008 than there was in 2007, but the number is negligible.  The luxury home market has boosted the list price and sold price, and the ratio of list price to sold price improved slightly.  The average time on market was shorter in 2008 than in 2007.

CONCLUSION: 

In a luxury home market like the ones in the Jericho School District, there is usually far less activity than in lower priced markets, thus the sample size is very small.  The average days on market may very well be the best indicator of an improving market, but it remains to be seen over the coming months if this is, in fact, the case.